FHA DISASTER RELIEF LOAN

FHA DISASTER RELIEF LOAN:

For disaster victims whose primary residence within a Presidentially-Declared Major Disaster Area (PDMDA) was destroyed or damaged to such an extent that reconstruction or replacement is necessary. The FHA 203h disaster loan allows these victims to more easily purchase a Single Family Property as their principle residence.

Eligibility:

FICO’s as low as 580

Your previous residence (owned or rented) must have been located in a federally declared disaster area and be destroyed or damaged to such an extent that reconstruction or replacement is necessary.

The purchased property must be a single family property or a unit in a FHA-Approved condominium

These loans are for principle residences only-there’s is an occupancy requirement for the FHA 203(h)

Generally, borrowers have up to one year from the date the disaster was declared

Benefits:

Purchased a home for primary residence to replace your flood damaged home

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